(Credit: Pixels Hunter/Adobe Stock) Legal Tech's SVB Fallout: More Layoffs, Client Scrutiny Expected Amid Financial Reckonings
While a worst-case-scenario was avoided after the FDIC backstopped SVB's deposits, the impact of the bank's demise will likely reverberate across the legal tech market, which has numerous ties to SVB, for weeks and months to come.
March 14, 2023 at 09:00 AM
8 minute read
Legal Technology
When Silicon Valley Bank (SVB) collapsed last Friday, it sent waves of panic throughout the tech industry, with many worried they would be unable to access their bank deposits, and uncertain how much they would ultimately get back over the $250,000 FDIC-insured limit.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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